ANNUAL
REPORT
2021
2020 BULKERS LTD.
CONTENT
Board of Directors’ Report 3
Responsibility Statement 11
Corporate Governance Report 12
Consolidated Financial Statements 16
Reconciliaon of Alternave
Perfor mance Measures 33
Auditors’ Report 34
Oces 39
2020 BULKERS LTD.
ANNUAL REPORT 2021
3
2020 Bulkers Ltd. (together with its subsid-
iaries, the “Company” or the “Group” or
“2020 Bulkers”) is a limited liability company
incorporated in Bermuda on September 26,
2017. The Company’s shares are traded on
Oslo Børs under the cker “2020”.
2020 Bulkers is an internaonal owner
and operator of large dry bulk vessels. The
Company has eight Newcastlemax dry bulk
vessels in operaon. All vessels are trading
on charters to solid counterpares.
HEALTH, SAFETY AND ENVIRONMENT
2020 Bulkers is fully commied to health,
safety, quality and environmental protec-
on and idenes these as being essenal
to long-term nancial and reputaonal
success.
2020 Bulkers has outsourced ship man-
agement to third party contractors. A
structured due diligence and audit process
is in place to ensure the highest ship man-
agement standards are applied.
Safety is at the core of our acvies, both
in the oce and onboard our ships, and
we have a commitment to safeguard
persons from harm or injury and prevent
damage to property. 2020 Bulkers´ employ-
ees are expected to idenfy operaonal
risks and implement safe work pracces.
2020 Bulkers experienced no Loss Time
Accidents (LTA) or other personnel injuries
in 2021. This stasc includes seagoing
crew under employment contracts with
our technical managers.
The 2020 Bulkers eet consists of eight
(8) modern, fuel ecient 208,000 DWT
Newcastlemax dry bulk vessels. The sister
vessels delivered by New Times Shipyard
from August 2019 through June 2020 are
ed with Exhaust Gas Cleaning Systems
and Ballast Water Treatment Systems in
compliance with internaonal regulaons.
The ships are esmated to be 38% more
carbon emission eecve per ton mile
compared to a standard Capesize vessel
due to higher cargo carrying capacity,
energy opmized ship hull design, high
thermal and mechanical eciency of main
and auxiliary engines and other energy
consuming systems onboard.
The EEDI score for our ships is 2.11 which
is 16% beer than the IMO requirement
for phase 1 vessels contracted during the
period 2015-19 and meets the phase 2
requirement of 2.23 for ships contracted
from 2020-24 with good margin.
We are commied to make use of any
proven and economically viable means to
reduce our environmental footprint.
HUMAN RESOURCES AND DIVERSITY
The Company prohibits discriminaon against
any employee or prospecve employee on
the basis of sex, race, color, age, religion,
sexual preference, marital status, naonal
origin, disability, ancestry, polical opinion, or
any other basis prohibited by the laws that
govern its operaons. This is embedded in
the Company’s Code of Conduct.
The Company will not engage in or
support discriminaon and has adopted
a non-discriminang pracce that strives
to ensure equal treatment in recruit-
ment, hiring, compensaon, access to
training, employee benets and services,
promoon, terminaon and rerement,
irrespecve of age, gender, race, color,
disability, religion or belief, language,
naonal or social origin, trade union mem-
bership, or any other status recognized by
internaonal law. This is embedded in the
Company’s Code of Conduct.
As of December 31, 2021, the Company
had ve full me employees of which
one was female and four were male
employees. All seagoing crew are under
employment contract with our technical
managers. The Board of Directors consists
of four members of which two are female
and two are male.
The absence due to sickness was approxi-
mately zero % in 2021.
GOING CONCERN
In accordance with secon 3-3a of the Nor-
wegian Accounng Act, the Board conrms
that the prerequisites for the going concern
assumpon exist and that the consolidated
nancial statements have been prepared
based on a going concern basis.
BOARD OF
DIRECTORS’
REPORT
KEY EVENTS DURING 2021
The Company reported net prot of US$70.8 million and EBITDA of US$92.1
million for 2021.
Achieved average me charter equivalent earnings of approximately
US$40,700, per day, gross.
In December 2021, the Company completed the renancing of the US$180
million Term Loan Facility maturing in August 2024. At the me of closing, the
outstanding amount under the US$180 million Term Loan Facility was replaced
with a new US$162.5 million Term Loan Facility maturing in March 2027.
The Company declared total dividends and cash distribuons of US$3.18 per
share for 2021.
2020 BULKERS LTD.
ANNUAL REPORT 2021
4
BOARD OF
DIRECTORS’
REPORT
CORPORATE DEVELOPMENTS
AND FINANCING
The Board remains focused on returning
the majority of operaonal free cash ow
aer debt service back to shareholders on
a monthly basis. The Company has, as of
today, declared dividends or cash distribu-
ons for 20 consecuve months. Following
the cash distribuon for February, the
Company will have returned 59% of the
paid-in equity to shareholders.
Cash breakeven for the eet, which
includes expected general and administra-
ve expenses, operang costs (including
esmated US$300 in Covid-19 related
costs) and debt service is esmated at
approximately US$14,900 per vessel per
day for 2022.
The Company currently has around US$217
million of net debt, corresponding to approx-
imately US$27 million per vessel. Based on
the amorzaon prole of the debt and
sale leaseback nancing, debt will be repaid
by approximately US$15 million per year,
corresponding to an annual average debt
reducon of US$1.85 million per vessel.
Eecve March 1, 2022, Ms. Georgina
Sousa rered as a Director and Company
Secretary and was replaced with Ms. Mi
Hong Yoon. The Board would like to thank
Ms. Sousa for her great contribuon to the
Company, serving as a Director and Com-
pany Secretary since February 2019.
Related party transacons
In September 2021, Jens Marn Jensen,
then a Director of the Company, exercised
50,000 share opons at a strike price of
US$7.935.
In October 2021, 2020 Bulkers Manage-
ment AS signed an agreement with Hima-
laya Shipping Ltd. and its subsidiaries to
provide certain management services (this
agreement replaces the agreement signed
in June 2021). Himalaya Shipping Ltd. is
considered a related party at the me of
the transacon. 2020 Bulkers Management
AS invoiced Himalaya Shipping Ltd. and
its subsidiaries US$0.3 million during the
twelve months ended December 31, 2021,
and US$0.09 million was outstanding as of
December 31, 2021.As of December 31,
2021, Himalaya Shipping Ltd. is no longer
considered a related party.
MANAGEMENT DISCUSSION
AND ANALYSIS
Consolidated Statements of Operaons
Operang revenues were US$115.9 million
for the twelve months ended December
31, 2021 (US$48.9 million for the twelve
months ended December 31, 2020). The
increase compared to the twelve months
ended December 31, 2020 is driven by all
eight vessels in operaon for the full twelve
months and a signicantly improved mar-
ket. The Company achieved an average me
charter equivalent rate, gross, of US$40,700
for the twelve months ended December
31, 2021, compared to US$19,700 for the
twelve months ended December 31, 2020.
Bulk Santos and Bulk Sao Paulo commenced
operaon during June, 2020.
Total operang expenses were US$35.5 mil-
lion for the twelve months ended Decem-
ber 31, 2021 (US$27.8 million for the twelve
months ended December 31, 2020).
Vessel operang expenses were US$17.7
million and US$13.2 million for the twelve
months ended December 31, 2021 and
2020, respecvely. The increase compared
to the twelve months ended December
31, 2020 is primarily driven by the
expansion of the eet as discussed above
under Operang revenues and an es-
mated US$1.4 million in Covid-19 related
expenses (US$0.5 million for the twelve
months ended December 31, 2020).
Voyage expenses and commission were
US$2.8 million for the twelve months ended
December 31, 2021 (US$1.2 million for
the twelve months ended December 31,
2020). The increase compared to the twelve
months ended December 31, 2020 is due to
voyage contract expenses for Bulk Shenzhen
and higher commission on charter hire.
General and administrave expenses were
US$3.3 million for the twelve months
ended December 31, 2021 (US$3.5 million
for the twelve months ended December
31, 2020).
Depreciaon and amorzaon were
US$11.7 million for the twelve months
ended December 31, 2021 (US$9.9 million
for the twelve months ended December
31, 2020). The increase compared to the
twelve months ended December 31, 2020
relates to depreciaon on vessels delivered
during June 2020.
Total nancial expenses, net, were US$9.6
million for the twelve months ended
December 31, 2021 (US$10.0 million for
the twelve months ended December 31,
2020). The decrease compared to the
twelve months ended December 31, 2020,
is due to lower interest rates on the Com-
pany’s long term debt as a result of hedging
transacons entered into during 2020.
Consolidated Balance Sheets
The Company had total assets of US$390.6
million as of December 31, 2021, (Decem-
ber 31, 2020: US$395.7 million).
Total shareholders’ equity was US$151.7
million and US$142.1 million as of Decem-
ber 31, 2021 and December 31, 2020,
respecvely.
Total liabilies as of December 31, 2021,
were US$238.9 million (December 31,
2020: US$253.6 million). The decrease is
primarily due to scheduled repayments on
the Company’s long term debt.
Consolidated Statements of Cash Flows
Net cash provided by operang acvies
was US$83.5 million for the twelve months
ended December 31, 2021 (US$21.8 mil-
2020 BULKERS LTD.
ANNUAL REPORT 2021
5
lion for the twelve months ended Decem-
ber 31, 2020). The increase compared to
the twelve months ended December 31,
2020 is due to earnings from eight vessels
in operaon for the full twelve months and
improved earnings. Bulk Santos and Bulk
Sao Paulo commenced operaon during
June, 2020.
Net cash used in invesng acvies was
US$nil for the twelve months ended
December 31, 2021 (US$123.2 million for
the twelve months ended December 31,
2020). During the twelve months ended
December 31, 2020 the Company paid
delivery instalments of US$120 million for
Bulk Shenzhen, Bulk Sydney, Bulk Santos
and Bulk Sao Paulo.
Net cash used in nancing acvies was
US$79.4 million during the twelve months
ended December 31, 2021 (US$101.2 mil-
lion provided by nancing acvies during
the twelve months ended December
31, 2020). The Company repaid US$14.0
million of long-term debt as well as paying
US$64.9 million of dividends and cash dis-
tribuons during the twelve months ended
December 31, 2021. The Company drew
US$120.0 million on the term loan facility
when the Company paid delivery instal-
ments for Bulk Shenzhen, Bulk Sydney,
Bulk Santos and Bulk Sao Paulo during the
twelve months ended December 31, 2020.
The Company also repaid US$12.4 million
of long-term debt and paid US$5.3 million
of cash distribuons and dividends during
the twelve months ended December 31,
2020.
As of December 31, 2021, the Company’s
cash and cash equivalents and restricted
cash amounted to US$24.1 million
(December 31, 2020: US$20.0 million).
Outstanding shares
As of December 31, 2021 the Company
had a share capital of US$22,220,906
divided into 22,220,906 shares at par value
of US$1.00 each.
OUR FLEET
The current chartering status is summa-
rized in the table below.
In March 2021, the Company converted
the index-linked charter hire for Bulk
Sao Paulo and Bulk Santos into xed rate
charter hire at US$27,200 per day, gross,
for the remainder of 2021. In addion,
the vessels earns a prot share based
on the fuel cost saving generated by the
scrubbers.
In March 2021, the Company entered into
a 18-24 month me charter agreement for
Bulk Shanghai with Koch. The vessel earns
an index-linked rate and a prot share
based on the fuel cost saving generated by
the scrubbers.
In April 2021, the Company entered into a
19-23 month me charter agreement for
Bulk Shenzhen with Koch. The vessel earns
an index-linked rate and a prot share
based on the fuel cost saving generated by
the scrubbers.
In August 2021, the Company converted
the index-linked charters for Bulk Sand-
eord and Bulk Shanghai into xed rate
charters at US$54,000 per ship per day,
gross, for the period from September 1,
2021 unl December 31, 2021. In addion,
both vessels earn a prot share based on
the fuel cost savings from the scrubbers.
In September 2021, the Company con-
verted the index-linked charters for Bulk
Shenzhen and Bulk Sydney into xed rate
BOARD OF
DIRECTORS’
REPORT
Charter
Ship name Delivery Charterer Rate US$ expiry
Bulk Sandeord Aug-19 Koch Index linked + premium + Aug 22
scrubber benet
Bulk Sanago Sep-19 Koch Index linked + premium + Dec 22 -
scrubber benet Mar 23
Bulk Seoul Oct-19 Koch Index linked + premium + Dec 22 -
scrubber benet Mar 23
Bulk Shanghai Nov-19 Koch US$30,905 + scrubber Sep 22 -
benet (unl 31 Dec 2022), Mar 23
Index linked + premium +
scrubber benet
Bulk Shenzhen Jan-20 Koch US$32,378 + scrubber Nov 22 -
benet (unl 31 Dec 2022), Mar 23
Index linked + premium +
scrubber benet
Bulk Sydney Jan-20 Koch Index linked + premium + Jan 23
scrubber benet
Bulk Sao Paulo Jun-20 Glencore Index linked + premium + May -
scrubber benet Jul 23
Bulk Santos Jun-20 Glencore Index linked + premium + May -
scrubber benet Jul 23
2020 BULKERS LTD.
ANNUAL REPORT 2021
6
charters at US$61,628 and US$60,260
per ship per day, gross, for the period
from November 1, 2021 unl December
31, 2021. In addion, both vessels earn a
prot share based on the fuel cost savings
from the scrubbers.
In November 2021, the Company entered
into 10-13 month me charter agreements
for Bulk Seoul and Bulk Sanago. The
vessels earn an index-linked rate, reecng
a signicant premium to the Balc 5TC
index. In addion, both vessels earn a
prot share based on the fuel cost savings
from the scrubbers.
In January 2022, the Company converted
the index-linked charter for Bulk Shanghai
into xed rate charter at US$30,905 per
day, gross, for the period from February 1,
2022, unl December 31, 2022. In addion,
the vessel earns a premium related to the
fuel cost savings from the scrubbers.
In January 2022, the Company converted
the index-linked charter for Bulk Shenzhen
into xed rate charter at US$32,378 per
day, gross, for the period from February
1, 2022, unl December 31, 2022. In
addion, the vessel earns a premium
related to the fuel cost savings from the
scrubbers.
COMMERCIAL UPDATE
2020 Bulkers has commercially outper-
formed the Balc 5TC index for 27 out of
31 months since delivery of its rst vessel.
Currently, 2020 Bulkers has six vessels trad-
ing on index-linked me charters. The Bulk
Shanghai and Bulk Shenzhen are trading
on xed me charters plus daily scrubber
benets. All the concluded charters
represent a signicant earnings premium
to a standard Capesize vessel driven by
the addional cargo intake and lower fuel
consumpon. Charterers are also paying a
premium to reect the economic benet
of our vessels’ scrubbers.
For 2022, the Company has xed employ-
ment for approximately 668 days at
US$31,640 per day. 2,252 operang days
are linked to the development in the Cape-
size spot market. Based on the Company’s
construcve market view, our strategy is
to maintain a high exposure to the spot
market for 2022. The structure of our
index-linked contracts allows the Company
to convert these charters to xed rates on
the basis of the prevailing FFA market from
me to me, should we wish to increase
our level of xed charter coverage.
MARKET COMMENTARY
Capesize rates averaged US$33,333 in
2021, up from US$13,073 in 2020. As
usual, there was signicant volality in
rates throughout the year, with rates
hing a low of US$10,304 on February
12 and reaching a high of US$86,953 on
October 7.
The strong rates in 2021, compared to
2020, were aided by strong iron ore
export volumes, in parcular out of Brazil,
as well as a slowdown in the delivery of
newbuildings. Brazilian iron ore exports for
2021 reached 366 million tons, an increase
of 5% compared to the 348 million tons
exported in 2020. Vale, Brazil’s largest iron
ore producer, guides an iron ore produc-
on of 320 - 335 million tons for 2022, an
increase of 3% compared to the mid point
of the 315 - 320 million tons expected for
2021. The fact that Brazil´s year over year
growth in exports connues to mirror the
increase in producon may suggest that
every incremental ton produced by Vale
is likely to be exported. Longer term, Vale
maintains ambions to increase output to
more than 400 million tons per year within
the coming years. Iron ore exports out of
Australia 2021 reached 940 million tons,
up from 934 million in 2020.
Chinese steel producon for January
through December 2021 was down 3%
compared to the same period in 2020.
While the average monthly producon
during the second half of 2021 was 16%
lower than during the rst half of the year,
steel producon recovered during Decem-
ber, with producon increasing 24% above
the November levels. China Iron & Steel
Associaon forecasts at Chinese steel out-
put for 2022, compared to 2021. If these
projecons materialize, average steel pro-
ducon for 2022 would be 9% higher than
the average levels seen during the second
half of 2021. Market analysts expect that
we will connue to see an upck in steel
producon in the period aer Chinese
New Year and the Olympics as the current
producon cuts for steel mills in 28 Chi-
nese cies end on March 15. Chinese steel
rebar inventories are currently 17% below
the levels seen at the same me last year,
while Chinese steel rebar prices are 6%
higher than a year ago.
Chinese iron ore imports were down 4%
in 2021 compared to 2020. Chinese iron
ore port inventories currently stand at 159
million tons, compared to 130 million tons
a year ago.
The Chinese economy showed a marked
slowdown in the second half of 2021, in
large driven by a slowdown in the property
sector, as well as the eect of a decrease
in smulus aimed at infrastructure projects
during the rst half of 2021. Over the last
months, China has taken measures to sta-
bilize the economy through measures such
as lowering banks’ reserve requirement
raos and allowing property developers to
issue new asset backed debt. Data shows
that sales of commercial buildings for
December climbed to a six-month high,
up 40% from the November levels. Sale
of residenal buildings, which in 2021
contributed to 89% of all commercial
building sales, also climbed to a six-month
high with month on month growth of
35%. During the second half of 2021,
local government special bond issuance,
aimed at infrastructure projects, increased
to 2.74 trillion RMB, up from 1.1 trillion
RMB issued in the rst half of 2021. The
BOARD OF
DIRECTORS’
REPORT
2020 BULKERS LTD.
ANNUAL REPORT 2021
7
trend has connued this year, with RMB
0.88 trillion in local government bonds
issued during the months of January and
February 2022. The increased smulus has
contributed to the month of December
showing the rst year over year increase in
xed asset infrastructure investment since
April 2021.
Steel producon in the rest of the world
has recovered beyond levels seen prior to
the outbreak of Covid-19 and is expected
to connue to recover further. Steel pro-
ducon outside China, increased by 13% in
2021, compared to 2020. The growth has
connued in January 2022, with producon
up 1% year over year. As various infrastruc-
ture spending iniaves are implemented it
is expected that growth in steel demand in
the rest of the world will overtake Chinese
growth rates. The World Steel Associaon
esmates that global steel demand grew
by 4.5% in 2021, while China declined 1%.
For 2022 global steel demand is expected
to grow by 2.2%, with China seeing at
demand compared to 2021. Addionally a
seasonal upck in construcon demand in
the northern hemisphere can typically be
expected post-winter.
The increase in steel demand during 2021
led to an increase in iron ore imports out-
side China, with 2021 imports 18% higher
than in 2020. Total imports of iron ore
globally were up 4% in 2021, compared to
2020.
Although coal is typically not transported
on Newcastlemax vessels, our vessels com-
pete with standard Capesize vessels that
are frequently used to ship coal. Global coal
exports increased 7% in 2021 compared
to 2020. The increase in coal consumpon
was driven by the ongoing energy crisis,
where powerplants are seen switching
from gas to coal as a consequence of high
gas prices. Ton-mile demand for coal was
also aided by the fact that China is refrain-
ing from buying Australian coal, leading
them to source coal from the Atlanc,
including the US East Coast. The coal trade
had a slower start to 2022 as Indonesia
imposed export restricons in January to
ensure domesc demand could be met.
The seaborne coal trade did, however, pick
up in February and March relave to Janu-
ary. Although China has ramped up domes-
c coal producon over the last months,
the coal trade is expected to remain robust
going forward as the global energy crisis
persists and both China and India sll have
lower than usual coal inventories.
Growth in vessel supply will be moderate
in 2022 relave to previous years with a
Capesize orderbook of 10.8 million dwt,
down from 18.6 million dwt delivered in
2021. The Capesize orderbook for 2023,
2024 and 2025 currently stands at 10.1
million dwt, 6.3 million dwt and 0.4 million
dwt, respecvely. The connued large inux
of orders for container vessels has absorbed
a signicant part of the capacity for building
large commercial vessels. Currently Chinese
yards are believed to be markeng less than
5 newbuilding slots for large drybulk vessels
unl the end of 2024. New ordering is
expected to remain subdued due to lack of
nancing available from tradional lenders,
as well as technological uncertaines as it
relates to the opmal propulsion systems to
meet the shipping industry’s ambions for
de-carbonizaon. During 2021, 14 Capesize
vessels, totaling 3.4 million dwt were
scrapped, down from 49 Capesize vessels,
totaling 11.4 million dwt scrapped in 2020.
So far in 2022, 358k dwt has been scrapped.
The Company sees a potenal scenario for
accelerang scrapping going forward, as
analysts have esmated that 150 capesize
vessels in the exisng eet may not be
able to achieve the required C-rang while
sailing at above 9 knots when the CII regula-
ons take eect in 2023.
Clarksons expects Capesize seaborne
demand to expand by 2.6% and tonne
mile demand to expand by 3.1% in 2022,
while eet growth in the Capesize sector
is forecast to decline to 2.3%. Upside risks
to these forecasts are related to increased
port congeson, higher iron ore prices
leading to more marginal high cost iron
ore demand, as well as high gas prices or
other inuences on the energy markets
that could support seaborne coal demand.
There is also a likelihood that China’s zero
tolerance policy for Covid-19 could lead to
disrupons to newbuild deliveries.
Key downside risks to the forecasts include
a wider economic slowdown in China and
its real estate sector as well as heightened
geopolical tensions, including an escala-
on in the war in Ukraine.
IMPACT OF THE CONFLICT IN UKRAINE
The Company would like to express its
sympathy to its seafarers and their families
aected by the war in Ukraine.
The main market for our vessels is seeing
limited impact from the conict, as
Ukrainian exports make up around just 1%
of the global iron ore trade.
DRY BULK FLEET DEVELOPMENT
The global dry bulk eet stands at 950
million dwt as of March 1, 2022, up from
917 million dwt in March, 2021.
The current orderbook for dry bulk vessels
currently stands at 6.7% of the exisng
eet, down from 7.25% in January 2021.
0.72 million dwt have been ordered this
year, compared to 2.8 million dwt ordered
during the same period in 2021.
400k dwt been scrapped year to date,
compared to 1.8 million dwt for the same
period in 2021.
CORPORATE GOVERNANCE REPORT
AND ENVIRONMENTAL, SOCIAL AND
GOVERNANCE REPORT
The Company has prepared a Corporate
Governance Report which is included as
a separate secon of this Annual report.
The Environmental Social and Governance
BOARD OF
DIRECTORS’
REPORT
2020 BULKERS LTD.
ANNUAL REPORT 2021
8
Report can be found on the Company’s
website. The Company has based its corpo-
rate governance principles on the Norwe-
gian Code of Pracce for Corporate Gov-
ernance published on October 14, 2021
(the “Code”). There are, however, some
areas where the Company’s governance
principles dier from those of the Code,
primarily due to dierences between the
Bermuda Companies Act and/or the Com-
pany’s Bye-laws and the Norwegian Public
Limited Companies Act.
RISK FACTORS
The Company is exposed to a variety of
risks, including market, operaonal, nan-
cial and tax risks.
The most signicant risk to the Company is
the cyclicality of the dry bulk market with
aendant volality in freight rates, vessel
values and consequently, protability. Fluc-
tuaons in rates result from imbalances
between the supply and demand for vessel
capacity and changes in the supply and
demand for the commodies carried by
water internaonally. The supply of and
demand for shipping capacity determine
the freight rates. Because the factors
aecng the supply and demand dynamics
of the shipping segments the Group is
invested in are outside of the Group’s
control and are unpredictable, the nature,
ming, direcon and degree of changes
they inuence in business condions are
also unpredictable.
Other key risks are outlined below, which
are not meant to be exhausve:
The Company’s vessels will be subject to
perils parcular to marine operaons,
including capsizing, grounding, collision
and loss and damage from severe weather
or storms. The vessels may also be subject
to other unintended accidents. Such
circumstances may result in loss of or
damage to the relevant vessel, damage
to property (including other vessels) and
damage to the environment or persons or
for acons for damages connected with
exisng and future contracts which cannot
be fullled. Such events may lead to the
Group being held liable for substanal
amounts by contractual counterpares,
injured pares, their insurer and public
governments. In the event of polluon,
the Group may be subject to strict liability.
Environmental laws and regulaons appli-
cable in the countries in which the Group
operates have become more stringent in
recent years. Such laws and regulaons
may expose the Group to liability for the
conduct of or condions caused by others,
or for acts by the Group that were in com-
pliance with all applicable laws at the me
such acons were taken.
The occurrence of the above menoned
events may have a material adverse eect
on the Group’s business, nancial condi-
on, results of operaon and liquidity, and
there can be no assurance that the Group’s
insurance will fully compensate any such
potenal losses and/or expenses. Further,
the Company’s management will monitor
the performance of each investment,
however, the Company will rely upon third
party technical and day-to-day manage-
ment of the assets, and there can be no
assurance that such management will
operate successfully.
The operaon of dry bulk vessels has
certain unique operaonal risks and the
cargo itself and its interacon with the
vessel can be a risk factor. By their nature,
dry bulk cargoes are oen heavy and may
shi in a hold unless carefully distributed
and stowed causing loss of vessel stability.
High moisture bulk cargoes may cause free
water surface on-top with subsequent loss
of stability during a voyage, and certain
cargoes may react badly to water expo-
sure. In addion, dry bulk vessels are oen
subjected to baering treatment during
unloading operaons with grabs, and use
of bulldozers to maximize cargo ouurn.
This harsh handling may cause structural
weakness or damage to the vessels and
thus render them more suscepble to a
hull breach at sea. Hull breaches in dry
bulk vessels may lead to the ooding of
cargo holds. If a dry bulk vessel suers
ooding, the combinaon of cargo and sea
water may result in very high shear force
and bending moment and eventually cause
catastrophic buckling or collapse of vessel’s
bulkheads leading to the loss of the vessel.
If the Group is unable to adequately
maintain or safeguard its vessels, it may
be unable to prevent such events. Any of
these circumstances or events could neg-
avely impact the Group’s business, nan-
cial condion or results of operaons. In
addion, the loss of any of its vessels could
harm the Group’s reputaon as a safe and
reliable vessel owner and operator.
The Group’s success depends, to a
signicant extent, upon the abilies and
eorts of a small number of key personnel,
employed in 2020 Bulkers Management
AS and providing services to the Group
under the terms of the Management
Agreement, and there can be no assurance
that such individuals will connue to be
employed by the Group and involved in the
management of the Group in the future,
or that their connued involvement will
guarantee the future success of the Group.
If the Group does not retain such key com-
petence, and/or if it is unable to aract
new talent or competencies relevant for
the future development of the Group, this
may have a negave eect on the success
of the Group, and the Group’s ability to
expand its business and/or to maintain and
develop its compeve skill set, which will
correspondingly have an adverse eect
on the Group’s compeve posion and
nancial performance.
The Company generates revenues and
incurs operang expenses in U.S. dollars
and the majority of the general and
administrave expenses are denominated
in NOK. The Company has not hedged any
foreign currency exposure.
BOARD OF
DIRECTORS’
REPORT
2020 BULKERS LTD.
ANNUAL REPORT 2021
9
The interest rates on the term loan facility
and sale lease-back nancing are based
on LIBOR + a margin. In April 2020 the
Company entered into interest swap
arrangements for the outstanding loan
amount under the term loan. The interest
rate swap agreements were amended in
connecon with the renancing of the
term loan facility in December 2021. The
Company is exposed to uctuaons in
the interest rate on the sale lease-back
nancing.
The Company has chartered out six vessels
to Koch Shipping Pte. Ltd. and two vessels
to ST Shipping and Transport Pte. Ltd. The
two customers are large internaonal
companies and 2020 Bulkers assess the
companies as solid counterpares with low
credit risk.
There is a concentraon of credit risk with
respect to cash and cash equivalents to
the extent that nearly all of the amounts
are carried with Danske Bank. However, we
believe this risk is remote, as Danske Bank
is an established nancial instuon.
The availability of nancing alternaves for
future investment opportunies may be
unavailable at suciently aracve terms.
The Company is also exposed to general
movements on the Oslo Stock Exchange,
which may limit the possibility of raising
new equity at aracve prices.
With the increased use of technologies
such as the internet to conduct business,
the Group, service providers to the Group
and Oslo Børs are suscepble to opera-
onal, informaon security and related
“cyber” risks both directly and indirectly,
which could result in material adverse con-
sequences for the Group and the share-
holders, such as causing disrupons and
impacng business operaons, potenally
resulng in nancial losses. Unlike many
other types of risks faced by the Group,
these risks are typically not covered by any
insurance. In general, cyber incidents can
result from deliberate aacks or uninten-
onal events. Cyber incidents include, but
are not limited to, gaining unauthorized
access to digital systems (e.g., through
“hacking” or malicious soware coding)
for purposes of misappropriang assets or
sensive informaon, corrupng data, or
causing operaonal disrupon. Cyberat-
tacks may also be carried out in a manner
that does not require gaining unauthorized
access, such as causing denial-of-service
aacks on websites (i.e., eorts to make
network services unavailable to intended
users).
Norwegian authories amended Norway’s
tax code in 2018, by including a provision
in the tax rules whereby a non-Norwegian
company (such as the Company or a
subsidiary) may be considered tax resident
in Norway if it has its “eecve place of
management in Norway”. The interpre-
taon of this principle is funconal and
shall “take into account the management
at the level of the Board of Directors and
daily management but also other factors
pertaining to the company’s organisaon
and acvies”. No assurance can be given
that Norway will not claim that the Com-
pany or any subsidiary is tax resident in
its jurisdicon, which may increase taxes
payable.
2020 Bulkers maintains Directors & O-
cers liability insurance against liabilies
incurred in their capacity as Director or
Ocer. The insurance is capped at US$10
million.

Port restricons, including immigraon
restricons and quaranne measures
related to Covid-19, connue to create
challenges for crew changes on regular
intervals. The Company esmates that
operang expenses were negavely
impacted by approximately US$470 per
day per vessel on average during 2021
due to increased costs related to travel,
quarannes and tesng of crews.
Addionally, the Company recorded
approximately 25 days of o-hire in 2021
due to vessels deviang from their opmal
route in conjuncon with crew changes.
We expect to connue to incur higher than
normal operang expenses as well as some
o-hire related to crew changes for as long
as Covid-19 connues to have an impact.
We connue to work closely with our tech-
nical managers to protect the safety and
well-being of our crews while minimizing
potenal o-hire related to crew changes.
The Board connues to thank the dedi-
cated seafarers aboard our vessels, many
of whom connue to have their terms of
service onboard extended due to logiscal
dicules.
OUTLOOK
2020 Bulkers has a robust nancial struc-
ture with moderate nancial leverage
and a solid cash posion. Our operang
cash breakeven, which is esmated at
approximately US$14,900 per vessel per
day for 2022, is signicantly lower than the
current FFA curve for the balance of 2022,
which implies earnings of approximately
US$45,000 per day for a scrubber ed
Newcastlemax.
The Company will connue its strong cap-
ital discipline, and will remain focused on
returning the majority of free cash ow to
shareholders as monthly cash distribuons.

This announcement includes forward
looking statements. Forward looking
statements are, typically, statements that
do not reect historical facts and may be
idened by words such as “ancipate”,
“believe”, “connue”, “esmate”, “expect”,
“intends”, “may”, “should”, “will” and
similar expressions. The forward-looking
statements in this announcement are
based upon various assumpons, many
of which are based, in turn, upon further
assumpons. Although 2020 Bulkers Ltd.
BOARD OF
DIRECTORS’
REPORT
2020 BULKERS LTD.
ANNUAL REPORT 2021
10
believes that these assumpons are rea-
sonable, they are, by their nature, uncer-
tain and subject to signicant known and
unknown risks, conngencies and other
factors which are dicult or impossible to
predict and which are beyond our control.
Such risks, uncertaines, conngencies and
other factors could cause actual events
to dier materially from the expectaons
expressed or implied by the forward-look-
ing statements included herein.
The informaon, opinions and forward-look-
ing statements contained in this announce-
ment speak only as of the date hereof and
are subject to change without noce.
ABOUT 2020 BULKERS LTD.
2020 Bulkers Ltd. is a limited liability
company incorporated in Bermuda on 26
September 2017. The Company’s shares
are traded on Oslo Børs under the cker
“2020”.
2020 Bulkers is an internaonal owner
and operator of large dry bulk vessels. The
Company has eight Newcastlemax dry bulk
vessels in operaon.
BOARD OF
DIRECTORS’
REPORT
March 7, 2022
/s/ Kate Blankenship /s/ Mi Hong Yoon /s/ Neil Glass /s/ Magnus Halvorsen
Kate Blankenship Mi Hong Yoon Neil Glass Magnus Halvorsen
Director Director Director Chairman
2020 BULKERS LTD.
ANNUAL REPORT 2021
11
We conrm that, to the best of our
knowledge, that the consolidated nancial
statements for 2021, which have been
prepared in accordance with US GAAP
gives a true and fair view of the Company’s
consolidated assets, liabilies, nancial
posion and result of operaons, and that
the 2021 report includes a fair review of
the informaon required under the Nor-
wegian Securies Trading Act secon 5-6
fourth paragraph.
RESPONSIBILITY
STATEMENT
March 7, 2022
/s/ Kate Blankenship /s/ Mi Hong Yoon /s/ Neil Glass /s/ Magnus Halvorsen
Kate Blankenship Mi Hong Yoon Neil Glass Magnus Halvorsen
Director Director Director Chairman
2020 BULKERS LTD.
ANNUAL REPORT 2021
12
CORPORATE
GOVERNANCE
REPORT
2020 Bulkers Ltd. (“2020 Bulkers” or “the
Company”) is a company organized and
exisng under the laws of Bermuda. The
corporate governance principles applicable
to it are set out in the Bermuda Companies
Act 1981, its bye-laws (the “Bye-laws”) and
its memorandum of associaon.
As a consequence of the lisng of the
Company’s shares on the Oslo Stock
Exchange (the “OSE”), certain aspects of
Norwegian law, notably the Norwegian
Securies Trading Act and the Norwegian
Stock Exchange Regulaons are also rele-
vant for its corporate governance policy.
1. 2020 BULKERS CORPORATE
GOVERNANCE POLICY
The overall corporate governance policy
of 2020 Bulkers is the responsibility of its
board of directors (the “Board”).
In dening this policy, the Board will
observe the requirements set out in
applicable laws, cf. above, relevant recom-
mendaons and the specic requirements
arising from the Company’s business
acvies.
The most important recommendaon of
relevance to the Company’s corporate gov-
ernance is the Norwegian Code of Pracse
for Corporate Governance of 30 October
2014 (the “Code”).
The Board recognizes that the Code rep-
resents an important standard for corporate
governance for companies whose shares are
listed on the OSE. Most of the principles and
recommendaons in the Code are included
in the Company’s corporate governance pol-
icy. There are, however, some areas where
the Company’s governance principles dier
from those of the Code, primarily due to dif-
ferences between the Bermuda Companies
Act and/or the Bye-laws and the Norwegian
Public Limited Companies Act.
The Board has codied certain corporate
governance principles in a “Code of Con-
duct,” applicable to all employees in the
Company and its subsidiaries (the “2020
Bulkers Group”).
The Code of Conduct can be found on the
Company’s website (hps://2020bulkers.
com/company/).
The Board has formulated the Company’s
overall mission and the core values on
which all of the acvies of the 2020
Bulkers Group shall be based. These can be
found in the Company’s website.
The Board has, in line with the Code’s
recommendaons, prepared this report
in order to disclose those of its corporate
governance principles which do not
comply with the recommendaons of the
Code.
2. THE BUSINESS
The Company’s memorandum of associ-
aon describes the Company’s objecves
and purposes as unrestricted. This deviates
from the recommendaon in the Code
but is in line with the requirements of the
Bermuda Companies Act.
The Company has clear objecves and
strategies for its business. These are
described in the Company’s annual report
and on its website.
3. EQUITY AND DIVIDENDS
The Board strives to idenfy and pursue
clear business goals and strategies for the
Company, to assess and manage the risks
associated with these, and to maintain an
equity capital and liquidity posion which
are sucient to match the same.
Under the Bye-laws, the Board may declare
dividends and distribuons without the
approval of the shareholders in general
meengs. This diers from the recommen-
daon in the Code.
The Company’s aim is to provide its
shareholders with a compeve return
on their investment through a posive
development in the price of the Company’s
shares and, when the Company’s cash ow
so allows, dividends or cash distribuons
to its shareholders.
The Company’s shareholders may, by way
of a resoluon in a general meeng of
all shareholders (a “General Meeng”)
increase the Company’s authorized share
capital, reduce the authorized share
capital (by reducing the number of unis-
sued but authorized shares) and increase
or reduce the issued share capital. The
procedures and racaons of this are
set out in the Bye-laws and the Bermuda
Companies Act.
The Board has, under Bermuda law, wide
powers to issue authorized but unissued
shares in the Company. The Board is also
authorized in the Bye-laws to purchase
the Company’s shares and hold these in
treasury. These powers are not restricted
to any specic purposes nor to a specic
period as the Code recommends.
4. EQUITABLE TREATMENT OF SHARE
HOLDERS AND TRANSACTIONS WITH
CLOSE ASSOCIATES
The Company has one class of shares only.
Each share carries one vote. All shares
have equal rights. All shares give a right to
parcipate in General Meengs.
Under the Bermuda Companies Act, no
shareholder has a pre-empve right to
subscribe for new shares in a limited
company unless (and only to the extent
that) the right is expressly granted to the
shareholder under the bye-laws of such
company or under any contract between
the shareholder and such company. The
Bye-laws do not provide for pre-empve
rights.
The Board will only transact in the Com-
pany’s shares at their market value (as
reected in the share price quoted on the
OSE from me to me).
2020 BULKERS LTD.
ANNUAL REPORT 2021
13
Members of the Board (each a “Director”)
and the Company’s senior management
shall nofy the Board if they have any
material interest, whether direct or indi-
rect, in any transacon which the 2020
Bulkers Group intends to conclude.
Following these guidelines, any Director
and/or member of the Company’s senior
management who have an interest in any
such transacon shall always refrain from
parcipang in the discussions on whether
to conclude such transacon or not in
the relevant corporate bodies in the 2020
Bulkers Group.
Further, the Board shall always consider
whether it is appropriate to obtain an
independent third-party valuaon of
the object of any material transacon
between the Company and any of its close
associates.
5. FREELY NEGOTIABLE SHARES
The Company’s shares are, subject to the
excepon set out below, freely tradable.
The Bye-laws requires the Board to decline
to register a transfer of the Company’s
shares in a situaon where the Board is
of the opinion that such transfer might
breach any applicable law or requirement
of any authority or the OSE unl it has
received such evidence as it needs to sat-
isfy itself that no such breach will occur.
6. GENERAL MEETINGS
The Code requires that noce of General
Meengs, (including any supporng docu-
ments for the resoluons to be considered
therein) is made available on the Compa-
ny’s website no later than 21 days prior to
the date of the General Meeng.
The Bye-laws allows, in accordance with
Bermuda law, for noce to be given no less
than 7 days (excluding the day on which
the noce is served and the day on which
the General Meeng to which it relates
is to be held) prior to a General Meeng.
This diers from the recommendaon of
the Code.
The Board aspires to maintain good rela-
ons with its shareholders and possible
investors in its shares, and to have an
investor relaon policy which complies
with the OSE’s Code of Pracce for Investor
Relaons.
The Board shall ensure that as many share-
holders as possible are able to parcipate
in the General Meengs. To achieve a high
rate of shareholder aendance therein the
Company shall:
provide, on its website, the date of and,
if possible, further informaon on each
General Meeng as early as possible,
and at the latest 7 days in advance
thereof;
provide, together with or before the
noce is given, sucient supporng
documentaon for any resoluon pro-
posed to be made therein in order for
the shareholders to prepare;
ensure that any registraon deadline is
set as close to the General Meeng as
possible; and
ensure that the shareholders may vote
for each and all of the candidates for
the Board.
7. NOMINATION COMMITTEE
The Code recommends that the Company
has a nominaon commiee.
The Company is not, under Bermuda law,
obliged to establish a nominaon commit-
tee. The Board is of the opinion that there
are, for the me being, not sucient rea-
sons to establish a nominaon commiee.
The Board will consult with the Company’s
main shareholders prior to proposing
candidates for Directors and will ensure
that the Board consists of Directors with
the experse and competence as shall be
required by the Company from me to
me.
8. CORPORATE ASSEMBLY AND BOARD
OF DIRECTORS, COMPOSITION AND
INDEPENDENCE
The Company does not have a corporate
assembly.
According to the Bye-laws the Board shall
consist of not less than two Directors. Cur-
rently the Board consists of four Directors.
It is the view of the Board that at least two
of its Directors are independent of the
Company’s main shareholders. Further, it
is the view of the Board that a majority of
the Directors are independent of the Com-
pany’s senior managers and main business
partners. No Director is employed by the
2020 Group.
The Board will, in accordance with normal
procedures for Bermuda companies, elect
its chairman. This diers from the recom-
mendaon in the Code that the General
Meeng shall elect their chairman of the
Board.
The Directors shall, subject to applicable
law and the Bye-laws, hold oce unl
the rst General Meeng following such
Director’s elecon. The Directors may be
re-elected.
A short descripon of the current Directors
is available on the Company’s website –
hps://2020bulkers.com/team/.
9. THE WORK OF THE BOARD
The Code recommends that the Board
develops and approves wrien guidelines
for its own work as well as the work of the
Company’s senior managers with parcular
emphasis on establishing clear internal
allocaon of responsibilies and dues.
The Bermuda Companies Act does not
require the Board to prepare such guide-
CORPORATE
GOVERNANCE
REPORT
2020 BULKERS LTD.
ANNUAL REPORT 2021
14
lines. The Board is of the opinion that
there are no reasons to issue such guide-
lines at present.
The Code recommends that the Board
establishes an audit commiee and a
remuneraon commiee.
Although the Bermuda Companies Act
does not require the Company to establish
such commiees, the Board has estab-
lished an Audit Commiee, but the Board
is of the opinion that there is no reason
to establish a remuneraon commiee at
present.
10. RISK MANAGEMENT AND
INTERNAL CONTROL
The Board is focused on ensuring that
the 2020 Bulkers Group’s business
pracces are sound and that adequate
internal control rounes are in place.
The Board connuously assesses the
possible consequences of and the risks
related to the 2020 Bulkers Group’s
operaons.
The 2020 Bulkers Group is commied to
protecng the health and safety of all
of its employees and contractors in all
their acvies for the 2020 Bulkers Group
and is commied to ensure generally
accepted QHSE principles are integrated
in everything the 2020 Bulkers Group
does.
The Board supervises the Company’s
internal control systems. These cover both
the 2020 Bulkers Group’s operaons and
its guidelines for ethical conduct and social
responsibility.
11. REMUNERATION OF
THE DIRECTORS
The remuneraon of the Directors is set
by the General Meeng. The Company
may, on occasion, pay Directors their fee in
the Company’s shares and/or grant Direc-
tors under the Company’s share opon
scheme.
Secon 11 of the Code requires that
Directors should not take on specic
assignments for the Company in addion
to their appointment as Directors.
The 2020 Bulkers Group will not refrain
from engaging Directors for specic
assignments for the Company if such
engagement is considered benecial to the
Company. This diers from the recommen-
daon in the Code. However, such assign-
ments will be disclosed to the Board and
the Board shall approve the assignment, as
well as the remuneraon.
12. REMUNERATION OF
LEADING EMPLOYEES
The remuneraon of the 2020 Bulkers
Group’s senior managers is based on four
components. The rst component is each
individual’s xed salary. This is set based on
the individual’s posion and responsibility
and the internaonal salary level for com-
parable posions.
The second component is local compensa-
on such as mandatory pension payments.
The third component is a variable, discre-
onary bonus. Bonuses will be granted
based on the performance of the 2020
Bulkers Group as a whole and each individ-
ual in relaon to targets set annually.
The fourth component is a share opon
scheme established by the Company
where share opons can be issued to
senior managers in the 2020 Bulkers
Group.
The Code recommends that guidelines for
the remuneraon of execuve personnel
are prepared and approved by the General
Meeng. Such guidelines should set forth
an absolute limit to performance related
remuneraon. The 2020 Bulkers Group’s
remuneraon policy does not require such
a procedure, nor does it contain any such
limit. This diers from the recommenda-
on in the Code.
The Bye-laws permits the Board to
issue share opons to the Company’s
employees, including members of the
2020 Bulkers Group’s senior management
team, without requiring that the General
Meeng approves the number of opons
granted or the terms and condions of
such. In addion, the share opon scheme
is an incenve program rather than remu-
neraon directly limited to the Company’s
results.
13. INFORMATION AND
COMMUNICATION
The Company is commied to provide
informaon on its nancial situaon,
ongoing projects and other circumstances
relevant for the valuaon of the Company’s
shares to the nancial markets on a regular
basis.
The Company is also commied to disclose
all informaon necessary to assess the
value of its shares on its website. Inter-
ested pares will nd the Company’s latest
news releases, nancial calendar, company
presentaons, share and shareholder
informaon, informaon about analyst
coverage and other relevant informaon
here.
Such informaon may also be found on
the website of the OSE – hps://www.
euronext.com/nb/markets/oslo.
Informaon to the 2020 Bulkers Group’s
shareholders shall be published on the
Company’s website at the same me as it
is sent to the shareholders.
14. TAKEOVER OFFER
The Board will seek to ensure that the
Company’s business acvies are not
disrupted unnecessarily in the event a
general oer is made for the Company’s
shares. The Board will, furthermore, strive
to ensure that shareholders are given su-
cient informaon and me to form a view
of the terms of such oer.
CORPORATE
GOVERNANCE
REPORT
2020 BULKERS LTD.
ANNUAL REPORT 2021
15
If a takeover oer is made, the Board will
issue a statement on its merits in accor-
dance with statutory requirements and the
recommendaons in the Code.
The Board will consider obtaining a valua-
on of the Company’s equity capital from
an independent expert if a takeover oer
is made in order to provide guidance to its
shareholders as to whether to accept such
oer or not.
Any transacon that is in eect a disposal
of all of the Company’s acvies will be
submied to the General Meeng for its
approval.
15. AUDITOR
The Board will, each year, agree a plan
for the audit of the 2020 Bulkers Group’s
accounts with its auditor. The Board will
furthermore interact regularly with the
auditor within the scope of this plan.
CORPORATE
GOVERNANCE
REPORT
2020 BULKERS LTD.
For the years ended December 31, 2021
and 2020
CONSOLIDATED
FINANCIAL
STATEMENTS
2020 BULKERS LTD.
ANNUAL REPORT 2021
17
12 months to 12 months to
(In millions of US$ except per share data) December 31, 2021 December 31, 2020

Time charter revenues 110.3 48.9
Voyage charter revenues 3.5 -
Other operang income 2.1 -
  

Vessel operang expenses (17.7) (13.2)
Voyage expenses and commission (2.8) (1.2)
General and administrave expenses (3.3) (3.5)
Depreciaon and amorzaon (11.7) (9.9)
  
  
Financial expenses, net
Interest expense, net of capitalised interest (9.5) (9.6)
Other nancial expense (0.1) (0.4)
  
Net income before income taxes 70.8 11.1
Income tax - -
Net income 70.8 11.1

Basic earnings per share 3.19 0.50
Diluted earnings per share 3.14 0.50
Consolidated Statements of Comprehensive Income
Net income 70.8 11.1
Unrealized gain (loss) on interest rate swaps 2.3 (1.3)
Translaon adjustments - (0.1)
  
Total comprehensive income 73.1 9.7
CONSOLIDATED
STATEMENTS OF
OPERATIONS
See accompanying notes that are an integral part of these Audited Consolidated Financial Statements.
2020 BULKERS LTD.
ANNUAL REPORT 2021
18
(In millions of US$) December 31, 2021 December 31, 2020
ASSETS
Current assets
Cash and cash equivalents 24.0 19.9
Restricted cash 0.1 0.1
Trade receivables 0.9 0.6
Accrued revenues - 0.1
Other current assets 3.2 2.5
Total current assets 28.2 23.2
Long term assets
Vessels and equipment, net 360.6 372.3
Other long-term assets 1.8 0.2
Total long-term assets 362.4 372.5
Total assets 390.6 395.7
LIABILITIES AND EQUITY

Current poron of long-term debt 14.8 14.8
Accounts payable 0.7 0.6
Accrued expenses 3.2 3.0
Declared cash distribuon - 0.9
Other current liabilies 2.6 1.7
  

Long-term debt 217.2 231.2
Other long-term liabilies 0.4 1.4
  

Equity
Common shares of par value US$1.0 per share: authorized 75,000,000
(2020:75,000,000). Issued and outstanding 22,220,906 (2020: 22,170,906) 22.2 22.2
Addional paid-in capital 31.1 105.7
Contributed surplus 33.6 11.2
Accumulated other comprehensive income (loss) 0.9 (1.4)
Retained earnings 63.9 4.4
Total shareholders’ equity 151.7 142.1
  
CONSOLIDATED
BALANCE SHEETS
See accompanying notes that are an integral part of these Audited Consolidated Financial Statements.
March 7, 2022
/s/ Kate Blankenship /s/ Mi Hong Yoon /s/ Neil Glass /s/ Magnus Halvorsen
Kate Blankenship Mi Hong Yoon Neil Glass Magnus Halvorsen
Director Director Director Chairman
2020 BULKERS LTD.
ANNUAL REPORT 2021
19
12 months to 12 months to
(In millions of US$) December 31, 2021 December 31, 2020
  
Share based compensaon - 0.5
Depreciaon and amorzaon 11.7 9.9
Decrease (increase) in trade receivables (0.3) 0.3
Decrease (increase) in accrued revenues - (0.1)
Increase (decrease) in accounts payable - (0.1)
Change in other current items related to operang acvies 1.4 0.2
Change in other long-term items related to operang acvies (0.1) -
  

Short term loan - 0.8
Addions to newbuildings - (124.0)
  

Proceeds, net of deferred loan costs, from issuance of long-term debt (0.9) 118.9
Repayment of long-term debt (14.0) (12.4)
Net proceeds from share issuance 0.4 -
Dividends paid / cash distribuons (64.9) (5.3)
  
Net increase (decrease) in cash and cash equivalents and restricted cash 4.1 (0.2)
Cash and cash equivalents and restricted cash at beginning of period 20.0 20.2
Cash and cash equivalents and restricted cash at end of period 24.1 20.0

Interest paid, net of capitalised interest (9.0) (7.8)
Income taxes paid - -
CONSOLIDATED
STATEMENTS OF
CASH FLOWS
See accompanying notes that are an integral part of these Audited Consolidated Financial Statements.
2020 BULKERS LTD.
ANNUAL REPORT 2021
20
Other
Addit. Contri- compre- Retained
Number of Share paid-in buted hensive earnings Total
(In millions of US$, except number of shares)       
       
Dividends - - - - - (2.4) (2.4)
Transfer - - (15.0) 15.0 - - -
Cash distribuons (3.8) (3.8)
Share based compensaon - - 0.5 - - - 0.5
Total comprehensive income for the period - - - - (1.4) 11.1 9.7
       
Issue of common shares 50 000 - 0.4 - - - 0.4
Transfer - - (75.0) 75.0 - - -
Cash distribuons - - - (52.6) - - (52.6)
Dividends - - - - - (11.3) (11.3)
Total comprehensive income for the period - - - - 2.3 70.8 73.1
Consolidated balance as of December 31, 2021 22 220 906 22.2 31.1 33.6 0.9 63.9 151.7
CONSOLIDATED
STATEMENTS OF
CHANGESINSHARE
HOLDERS’ EQUITY
See accompanying notes that are an integral part of these Audited Consolidated Financial Statements.
2020 BULKERS LTD.
ANNUAL REPORT 2021
21
1. GENERAL INFORMATION
2020 Bulkers Ltd. (together with its subsidiaries, the “Company” or the “Group” or “2020 Bulkers”) is a limited liability company
incorporated in Bermuda on September 26, 2017. The Company’s shares are traded on Oslo Børs under the cker “2020”.
2020 Bulkers is an internaonal owner and operator of large dry bulk vessels. The Group has eight Newcastlemax dry bulk vessels in operaon.

Our consolidated nancial statements are prepared in accordance with accounng principles generally accepted in the United States of
America (U.S. GAAP). The consolidated nancial statements include the assets and liabilies of the parent company and wholly-owned
subsidiaries. All intercompany balances and transacons have been eliminated upon consolidaon.
2. ACCOUNTING POLICIES

The preparaon of nancial statements in conformity with U.S. GAAP requires us to make esmates and assumpons that aect the
amounts reported in our consolidated nancial statements and accompanying notes. Actual results could dier from those esmates.
Fair values
We have determined the esmated fair value amounts presented in these consolidated nancial statements using available market
informaon and appropriate methodologies. However, considerable judgment is required in interpreng market data to develop the
esmates of fair value. The esmates presented in these consolidated nancial statements are not necessarily indicave of the amounts
that we could realize in a current market exchange. The use of dierent market assumpons and/or esmaon methodologies may have
a material eect on the esmated fair value amounts.

The Company and the majority of its subsidiaries have the US$ as their funconal currency because the majority of their revenues,
expenses and nancing are denominated in US$. Accordingly, the Group’s reporng currency is also US$. Foreign currency gains or losses
on consolidaon are recorded as a separate component of other comprehensive income (loss) in shareholders’ equity for subsidiaries
that have funconal currencies other than US$.
Foreign currency
Transacons in foreign currencies during the year are recognized at the rates of exchange in eect at the date of the transacon. Foreign
currency monetary assets and liabilies are revalued using rates of exchange at the balance sheet date. Foreign currency transacon
gains or losses are included in the consolidated statements of operaons.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASC 606”), which supersedes nearly all exisng
revenue recognion guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods
or services are transferred to customers in an amount that reects the consideraon to which an enty expects to be entled for those
goods or services. Under ASC 606, an enty is required to perform the following ve steps: (1) idenfy the contract(s) with a customer;
(2) idenfy the performance obligaons of the contract; (3) determine the transacon price; (4) allocate the transacon price to the per-
formance obligaons in the contract; and (5) recognize revenue when (or as) the enty sased a performance obligaon. Addionally,
the guidance requires improved disclosures as to the nature, amount, ming and uncertainty of revenue that is recognized.
Our shipping revenues are primarily generated from me charters. In a me charter voyage, the vessel is hired by the charterer for a speci-
ed period of me in exchange for consideraon which is based on a daily hire rate. The charterer has the full discreon over the ports vis-
ited, shipping routes and vessel speed. In a me charter contract, we are responsible for all the costs incurred for running the vessel such
as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses,
NOTES TO THE
CONSOLIDATED
FINANCIAL
STATEMENTS
ANNUAL REPORT 2021
22
NOTES
2020 BULKERS LTD.
NOTES
port charges and canal tolls during the hire period. The performance obligaons in a me charter contract are sased over the term of
the contract beginning when the vessel is delivered to the charterer unl it is redelivered back to the Group. The me charter contracts are
considered operang leases and therefore do not fall under the scope of ASC 606 because (i) the vessel is an idenable asset (ii) we do
not have substanve substuon rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract
and derives the economic benets from such use. Time charter contracts are accounted for as operang leases in accordance with ASC 842
Leases and related interpretaons. For arrangements where the Company is the lessor, the Company ulizes the praccal expedient for its
me charter contracts and has therefore not separated the non-lease component, or service element, from the lease.
Income from me charter voyages is recognized on a straight-line basis over the period of the me charter contract (or lease contract)
and at the prevailing rate for the relevant assessment period for variable or index-linked me charter contracts.
In a voyage charter contract, which we consider in scope of ASC 606, the charterer hires the vessel to transport a specic agreed upon
cargo for a single voyage. The consideraon in such a contract is determined on the basis of a freight rate per metric ton of cargo carried
or occasionally on a lump sum basis. Esmates and judgments are required in ascertaining the most likely outcome of a parcular voyage
and actual outcomes may dier from esmates. In a voyage charter contract, the performance obligaons begin to be sased once
the vessel begins loading the cargo. We have determined that our voyage charter contracts consist of a single performance obligaon of
transporng the cargo within a specied me period. Therefore, the performance obligaon is met evenly as the voyage progresses, and
the revenue is recognized on a straight-line basis over the voyage days from the commencement of loading to compleon of discharge.
During 2021 and 2020, the Company had revenues from me charter voyages and one voyage charter contract.
The guidance also species treatment for certain contract related costs, being either incremental costs to obtain a contract, or costs to
fulll a contract. Under the guidance, an enty shall recognize as an asset the incremental costs of obtaining a contract with a customer if
the enty expects to recover those costs. The guidance also provides a praccal expedient whereby an enty may recognize the incremen-
tal costs of obtaining a contract as an expense when incurred if the amorzaon period of the asset that the enty otherwise would have
recognized is one year or less. Costs to fulll a contract must be capitalized if they meet certain criteria. In a voyage contract, the Company
bears all voyage related costs such as fuel costs, port charges and canal tolls. These costs are considered contract fulllment costs because
the costs are direct costs related to the performance of the contract and are expected to be recovered. The costs incurred during the
period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and are recorded as a
current asset and are subsequently amorzed on a straight-line basis as we sasfy the performance obligaons under the contract.

The cost of equity seled transacons is measured by reference to the fair value at the date on which the share opons are granted.
The fair value of the share opons issued under the Company’s employee share opon plans is determined at the grant date taking into
account the terms and condions upon which the opons are granted, and using a valuaon technique that is consistent with generally
accepted valuaon methodologies for pricing nancial instruments, and that incorporates all factors and assumpons that knowledge-
able, willing market parcipants would consider in determining fair value. The fair value of the share opons is recognized as a general
and administrave expense with a corresponding increase in equity over the period during which the employees become uncondionally
entled to the opons. Compensaon cost is inially recognized based upon opons expected to vest, excluding forfeitures, with appro-
priate adjustments to reect actual forfeitures.
Interest cost capitalized
Interest costs are capitalized on all qualifying assets that require a period of me to get them ready for their intended use. Qualifying assets
consisted of Newcastlemax dry bulk vessels under construcon. The interest costs capitalized are calculated using the weighted average
cost of borrowings from commencement of the asset development unl substanally all the acvies necessary to prepare the asset for its
intended use are complete. The Company does not capitalize amounts beyond the actual interest expense incurred in the period.

When a sale and leaseback transacon does not qualify for sale accounng, the transacon is accounted for as a nancing transacon
by the seller-lessee and a lending transacon by the buyer-lessor, as discussed in ASC 842-40-25-5. To account for a failed sale and
leaseback transacon as a nancing arrangement, the seller-lessee does not derecognize the underlying asset; the seller-lessee connues
depreciang the asset as if it was the legal owner. The sales proceeds received from the buyer-lessor are recognized as a nancial liability.
A seller-lessee will make rental payments under the leaseback. These payments are allocated between interest expense and principal
repayment of the nancial liability. The amount allocated to interest expense is determined by the incremental borrowing rate or imputed
interest rate. Each sale and lease back transacon that the Company had entered into as of December 31, 2021, involved a purchase
obligaon and was therefore treated as a nancing arrangement. Please refer to note 12.
Earnings per share
Basic earnings per share is computed based on the income available to common stockholders and the weighted average number of
shares outstanding. Diluted earnings per share includes the eect of the assumed conversion of potenally diluve instruments.
ANNUAL REPORT 2021
23
NOTES
Vessels and equipment, net
Vessels and equipment are recorded at historical cost less accumulated depreciaon and, if appropriate, impairment charges. Depreciaon
is calculated on a straight-line basis over the useful life of the assets based on cost less esmated residual values. The esmated useful life
for our vessels is 25 years. The esmated residual values are based on ten year average steel price and lightweight ton of the vessels.

The carrying value of the vessels and vessels under construcon (“Newbuildings”) represents the accumulated costs to the balance sheet
date which we have had to pay by way of purchase installments and other capital expenditures together with capitalized interest. No
charge for depreciaon is made unl a newbuilding is put into operaon.

We connually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be
recoverable. Among other indicators we look at the market capitalizaon of the Company against the net book value of equity. In
assessing the recoverability of our vessels and newbuildings carrying amounts, we make assumpons regarding esmated future cash
ows and esmates in respect of residual or scrap value. When such events or changes in circumstances are present, we assess the
recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted
expected future cash ows. If the total of the future cash ows is less than the carrying amount of those assets, we recognize an
impairment loss based on the excess of the carrying amount over the lower of the fair market value of the assets, less cost to sell, and the
net present value (“NPV”) of esmated future undiscounted cash ows from the employment of the asset (“value-in-use”).
As of December 31,2021, and December 31, 2020, the Company has no indicaons that the carrying amount of a parcular vessel may
not be fully recoverable.
Drydocking
Maintenance of class cercaon requires expenditure and can require taking a vessel out of service from me to me for survey, repairs or
modicaons to meet class requirements. When delivered, the Group’s vessels can generally be expected to have to undergo a class survey once
every ve years. The Group’s vessels are being built to the classicaon requirements of ABS and the Liberian Ship Register. Normal vessel repair
and maintenance costs are expensed when incurred. We recognize the cost of a drydocking at the me the drydocking takes place. The Group
capitalize a substanal poron of the costs incurred during drydocking, including the survey costs and depreciates those costs on a straight-line
basis from the me of compleon of a drydocking or intermediate survey unl the next scheduled drydocking or intermediate survey.
Trade receivables
Trade receivables are presented net of allowances for doubul balances. At each balance sheet date, all potenally uncollecble accounts
are assessed individually for purposes of determining the appropriate provision for doubul accounts.
Cash and cash equivalents
All demand and me deposits and highly liquid, low risk investments with original maturies of three months or less at the date of
purchase are considered equivalent to cash.
Interest-bearing debt
Interest-bearing debt is recognized inially at fair value less directly aributable transacon costs. Subsequent to inial recognion,
interest-bearing borrowings are stated at amorzed cost. Transacon costs are amorzed over the term of the loan.

Assets and liabilies are classied as current assets and liabilies respecvely, if their maturity is within one year of the balance sheet
date. Otherwise, they are classied as non-current assets and liabilies.

Pares are related if one party has the ability, directly or indirectly, to control the other party or exercise signicant inuence over the other party
in making nancial and operang decisions. Pares are also related if they are subject to common control or common signicant inuence.
Interest rate hedging
The interest rate swaps are recognized at fair value. All the interest rate swaps are designated for hedge accounng. Gains or losses on
the hedging instrument are recognized in other comprehensive income (loss), to the extent that the hedge is determined to be eecve.
All other gains or losses are recognized immediately in the consolidated statements of operaons.
The fair values of the interest rate swaps are disclosed in note 13. The fair value of the interest rate swaps is recognized and presented as a cur-
rent asset or liability for maturity equal to or less than twelve months and a non-current asset or liability for maturity exceeding twelve months.
ANNUAL REPORT 2021
24
NOTES
3. RECENTLY ISSUED ACCOUNTING STANDARDS
Accounng standards that became eecve January 1, 2021, did not have a material impact on the consolidated nancial statements and
related disclosures.
In March 2020, the FASB issued ASU No. 2020-04, Facilitaon of the Eects of Reference Rate Reform on Financial Reporng (Topic
848). The ASU provides oponal expedients and excepons for applying GAAP to transacons aected by reference rate (e.g., LIBOR)
reform if certain criteria are met, for a limited period of me to ease the potenal burden in accounng for (or recognizing the eects
of) reference rate reform on nancial reporng. The ASU is eecve as of March 12, 2020 through December 31, 2022. We connue
to evaluate transacons or contract modicaons occurring as a result of reference rate reform and determine whether to apply the
oponal guidance on an ongoing basis. The ASU has not and is currently not expected to have a material impact on our consolidated
nancial statements.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments, which revises guidance for the accounng for credit losses on nancial instruments within its scope. The new
standard introduces an approach, based on expected losses, to esmate credit losses on certain types of nancial instruments and
modies the impairment model for available-for-sale debt securies. The guidance became eecve January 1, 2020, with early adopon
permied. Enes are required to apply the standard’s provisions as a cumulave-eect adjustment to retained earnings as of the
beginning of the rst reporng period in which the guidance is adopted. The adopon, eecve January 1, 2020, did not have a material
impact on the consolidated nancial statements and related disclosures.
4. INCOME TAXES
Bermuda
2020 Bulkers Ltd. is incorporated in Bermuda. Under current Bermuda law, the Company is not required to pay taxes in Bermuda on
either income or capital gains. 2020 Bulkers Ltd. has received wrien assurance from the Minister of Finance in Bermuda that, in the
event of any such taxes being imposed, the Company will be exempted from taxaon unl March 31, 2035.

Our subsidiary in Norway is subject to income tax. The esmated income tax expense for the twelve months ended December 31, 2021, is
approximately US$0.04 million. The Group does not have any unrecognized tax benets, accrued interest or penales relang to income
taxes.
5. SEGMENT INFORMATION
Our chief operang decision maker, or the CODM, being our Board of Directors, measures performance based on our overall return to
shareholders based on consolidated net income. The CODM does not review a measure of operang result at a lower level than the
consolidated group and we only have one reportable segment. Our vessels operate worldwide and therefore management will not
evaluate performance by geographical region as this informaon is not meaningful.
For the year ended December 31, 2021, two customers accounted for 10 percent or more of our consolidated revenues in the amounts
of US$21.6 million and US$92.3 million. For the year ended December 31, 2020, two customers accounted for 10 percent or more of our
consolidated revenues in the amounts of US$25.5 million and US$23.4 million.
6. REVENUES
The Company recognized revenues from me charter contracts (described in note 9) and a voyage charter contract during the twelve
months ended December 31, 2021. In addion, the Company has recognized US$1.8 million received from o-hire insurance as Other
operang income during the twelve months ended December 31, 2021. The Company has invoiced US$2.3 million to customers which is
not earned as of December 31, 2021, and the amount is recognized as other current liabilies.
ANNUAL REPORT 2021
25
NOTES
7. INTEREST EXPENSE
12 months to 12 months to
(In millions of US$) December 31, 2021 December 31, 2020
Interest expense, gross (9.5) (10.5)
Capitalized interest, newbuildings - 0.9
  
8. EARNINGS PER SHARE
The computaon of basic EPS is based on the weighted average number of outstanding shares during the period. Diluted EPS includes
the potenal eect of conversion of 670,000 share opons (2020: 720,000 share opons excluded) outstanding issued to employees and
directors since the average share price for the twelve months to December 31, 2021, was above the strike price.
12 months to 12 months to
(In US$, except share numbers) December 31, 2021 December 31, 2020
Basic earnings (loss) per share 3.19 0.50
Diluted earnings (loss) per share 3.14 0.50
Issued ordinary shares at the end of the period 22 220 906 22 170 906
Weighted average number of shares outstanding - basic 22 184 605 22 170 906
Weighted average number of shares outstanding - diluted 22 556 917 22 170 906
9. LEASES
Lessor
The Company has the following vessels on operang lease contracts:
Vessel Charterer Charter expiry Gross rate/day, USD
53 959 + scrubber benet (unl 31 Dec 2021),
Bulk Sandeord Koch Shipping Aug 22 index linked + premium + scrubber benet
Bulk Sanago Koch Shipping Dec 22 - Mar 23 Index linked + premium + scrubber benet
Bulk Seoul Koch Shipping Dec 22 - Mar 23 Index linked + premium + scrubber benet
54 000 + scrubber benet (unl 31 Dec 2021),
Bulk Shanghai Koch Shipping Sep 22 - Mar 23 index linked + premium + scrubber benet
61 628 + scrubber benet (1 Nov - 31 Dec 2021),
Bulk Shenzhen Koch Shipping Nov 22 - Mar 23 index linked + premium + scrubber benet
60 260 + scrubber benet (1 Nov - 31 Dec 2021),
Bulk Sydney Koch Shipping Jan 23 index linked + premium + scrubber benet
27 255 + scrubber benet (unl 31 Dec 2021),
Bulk Sao Paulo Glencore May - Jul 23 index linked + premium + scrubber benet
27 255 + scrubber benet (unl 31 Dec 2021),
Bulk Santos Glencore May - Jul 23 index linked + premium + scrubber benet
Lessee
Eecve January 1, 2019, the Company entered into a long-term lease contract for an oce in Oslo. This contract was terminated May 1,
2020. Eecve January 1, 2020, the Company leased addional oce space in Oslo. The right-of-use asset as of December 31, 2021, was
US$0.1 million and the corresponding lease liability was US$0.1 million. The amorzaon of right of use assets relang to oce lease is
presented under Depreciaon and Amorzaon in the consolidated statements of operaons.
ANNUAL REPORT 2021
26
NOTES
10. VESSELS AND EQUIPMENT, NET AND NEWBUILDINGS
Vessels and
(In millions of US$)   
Cost as of December 31, 2019 69.5 190.0 259.5
Capital expenditures 122.8 0.2 123.0
Capitalized interest 0.9 - 0.9
Transfers to vessels and equipment, net (193.2) 193.2 -
Cost as of December 31, 2020 - 383.4 383.4
Capital expenditures - - -
Cost as of December 31, 2021 - 383.4 383.4
   
Depreciaon - 11.7 11.7
   
Balance as of December 31, 2020 - 372.3 372.3
Balance as of December 31, 2021 - 360.6 360.6
In January 2020, the Company took delivery of the Bulk Shenzhen, a Newcastlemax dry bulk newbuilding. Upon delivery, the Company
paid the delivery instalment of US$30.4 million and ulized US$30 million of the term loan facility (see note 12).
In January 2020, the Company took delivery of the Bulk Sydney, a Newcastlemax dry bulk newbuilding. Upon delivery, the Company paid
the delivery instalment of US$30.4 million and ulized US$30 million of the term loan facility (see note 12).
In June 2020, the Company took delivery of the Bulk Sao Paulo, a Newcastlemax dry bulk newbuilding. Upon delivery, the Company paid
the delivery instalment of US$30.4 million and ulized US$30 million of the term loan facility (see note 12).
In June 2020, the Company took delivery of the Bulk Santos, a Newcastlemax dry bulk newbuilding. Upon delivery, the Company paid the
delivery instalment of US$30.4 million and ulized US$30 million of the term loan facility (see note 12).
ANNUAL REPORT 2021
27
NOTES
11. RELATED PARTY TRANSACTIONS
In June 2019, the Company provided Magnus Halvorsen an interest-bearing loan of US$945,827. The loan was fully repaid during 2020.
In September 2021, Jens Marn Jensen, Director of the Company, exercised 50,000 share opons at a strike price of US$7.935.
In October 2021, 2020 Bulkers Management AS signed an agreement with Himalaya Shipping Ltd. and its subsidiaries to provide certain
management services (this agreement replaces the agreement signed in June 2021). Himalaya Shipping Ltd. is considered a related party
at the me of the transacon. 2020 Bulkers Management AS invoiced Himalaya Shipping Ltd. and its subsidiaries US$0.3 million during
the twelve months ended December 31, 2021, and US$0.09 million was outstanding as of December 31, 2021. As of December 31, 2021,
Himalaya Shipping Ltd. is no longer considered a related party.
12. DEBT
(In millions of US$) December 31, 2021 December 31, 2020
Pledged
Term loan Tranche I (“Bulk Sandeord”), balloon payment March 2027 26.2 27.9
Term loan Tranche II (“Bulk Sanago”), balloon payment March 2027 26.7 27.9
Term loan Tranche V (“Bulk Shenzhen”), balloon payment March 2027 27.1 28.7
Term loan Tranche VI (“Bulk Sydney”), balloon payment March 2027 27.1 28.7
Term loan Tranche VII (“Bulk Sao Paulo”), balloon payment March 2027 27.5 29.2
Term loan Tranche VIII (“Bulk Santos”), balloon payment March 2027 27.9 29.2
Other long term debt
Vessel nancing (“Bulk Seoul”) 36.8 39.2
Vessel nancing (“Bulk Shanghai”) 36.8 39.2
Long-term debt, gross 236.1 250.0
Less current poron long term debt (14.8) (14.8)
Less deferred loan costs (4.1) (4.0)
Total long-term debt 217.2 231.2
ANNUAL REPORT 2021
28
NOTES
Term loan facility
In December 2021, the Company completed the renancing of the US$180 term loan facility agreement maturing in August 2024. At the
me of closing, the outstanding amount under the US$180 million Term Loan Facility was replaced with a new US$162.5 million Term
Loan Facility maturing in March 2027. The US$162.5 million term loan facility carries an interest rate of Libor+210 bps and ulises the
original 18-year repayment prole from the US$180 million Term Loan Facility with the balloon repayment now scheduled for March
2027. The term loan facility contains the following nancial covenants for the Group (i) value adjusted equity shall be equal to or greater
than 30% of value adjusted total assets, (ii) working capital (dened as consolidated current assets minus consolidated current liabilies
(excluding current poron of long term debt and subordinated shareholder loans) shall at all mes be no less than US$0 and (iii) free and
available cash shall at all mes be the greater of (a) US$1.25 million per delivered vessel and (b) 5% of total debt. As of December 31,
2021, we were compliant with the covenants and our obligaons under our term loan facility agreement. The vessels are pledged upon
draw down of the loan facility, with cross collateral agreements in place for each vessel within the term loan facility.
In December 2021, the Company also amended its interest rate swap agreements to match the terms under the new US$162.5 million
term loan facility. The noonal amounts in the interest rate swaps have the same amorzaon prole as the term loan facility. The
interest rate swaps mature in August and September 2024. The Company will connue to designate all of the interest rate swaps for
hedge accounng as they sasfy the criteria applicable to cash ow hedges.
Sale and leaseback arrangement
In October 2019, the Company entered into a sale and leaseback arrangement with Ocean Yield for its two Newcastlemax vessels, Bulk
Seoul and Bulk Shanghai. The vessels were delivered from the yard on October 30, 2019, and November 6, 2019, respecvely, and were
at delivery sold to Ocean Yield for a price per vessel of US$42 million, net of a US$5 million seller’s credit. The vessels have been char-
tered back to the Company on thirteen years bareboat charters which include a purchase obligaon at the end of the respecve charter
periods and certain opons to either sell or acquire the vessels during the charter periods. The bareboat charter hire is US$6,575 per
day plus an adjustment based on LIBOR plus a margin of 450 basis points. Since the Company has purchase obligaons at the end of the
charter periods, the Company has accounted for the transacon as a nancing arrangement. The Company has pledged the shares in the
subsidiaries chartering the vessels back from Ocean Yield and issued certain guarantees in line with standard terms contained in sale and
leaseback transacons.
The outstanding debt as of December 31, 2021, is repayable as follows:
(In millions of US$)
2022 14.8
2023 14.8
2024 14.8
2025 14.8
2026 14.8
Thereaer 162.1
Total 236.1
ANNUAL REPORT 2021
29
NOTES
13. FINANCIAL ASSETS AND LIABILITIES
Foreign currency risk
The majority of our transacons, assets and liabilies are denominated in United States dollars. However, we incur expenditure in cur-
rencies other than United States dollars, mainly in Norwegian Kroner. There is a risk that currency uctuaons in transacons incurred in
currencies other than the funconal currency will have a negave eect of the value of our cash ows. We are then exposed to currency
uctuaons and we may enter into foreign currency swaps to migate such risk exposures.
Fair values
The guidance for fair value measurements applies to all assets and liabilies that are being measured and reported on a fair value basis.
This guidance enables the reader of the nancial statements to assess the inputs used to develop those measurements by establishing a
hierarchy for ranking the quality and reliability of the informaon used to determine fair values. The same guidance requires that assets
and liabilies carried at fair value should be classied and disclosed in one of the following three categories based on the inputs used to
determine its fair value:
Level 1: Quoted market prices in acve markets for idencal assets or liabilies;
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;
Level 3: Unobservable inputs that are not corroborated by market data.
The carrying value and esmated fair value of our cash and nancial instruments are as follows:
(In millions of US$) Hierarchy December 31, 2021 December 31, 2020
Assets
Cash and cash equivalents 1 24.0 19.9
Restricted cash 1 0.1 0.1
Other current assets (interest rate swaps) 2 0.4 0.2
Other long term assets (interest rate swaps) 2 1.1 -

Current poron of long-term debt* 2 14.8 14.8
Other current liabilies (interest rate swaps) 2 0.2 0.3
Long-term debt* 2 217.2 231.2
Other long-term liabilies (interest rate swaps) 2 0.3 1.2
* Fair value of long-term debt is esmated at US$236.1 million and US$250.0 million as of December 31, 2021, and December 31, 2020, respecvely, as the numbers in the table
are presented net of deferred loan costs.
Financial instruments included in the consolidated nancial statements within ‘Level 1 and 2’ of the fair value hierarchy are valued using
quoted market prices, broker or dealer quotaons or alternave pricing sources with reasonable levels of price transparency.
There have been no transfers between dierent levels in the fair value hierarchy during the periods presented.

There is a concentraon of credit risk with respect to cash and cash equivalents to the extent that nearly all of the amounts are carried
with Danske Bank. However, we believe this risk is remote, as Danske Bank is an established nancial instuon.
The Company’s revenues are generated from two customers that accounted for 100% of me charter and voyage charter revenues and
98.2% of total revenues.
ANNUAL REPORT 2021
30
NOTES
14. SHARE BASED PAYMENT COMPENSATION
In January 2019, the Board of Directors established a long-term incenve plan and approved a grant of 740,000 share opons to
employees and directors. Further, 740,000 of the Company’s authorized but unissued share capital was allocated for this purpose. The
share opons will have a ve-year term and will vest equally one quarter every six months commencing on June 30, 2019, over a two year
vesng period. The exercise price is US$10.0 and will be reduced by any dividends and cash distribuons paid. US$0.5 million have been
expensed for the twelve months ended December 31, 2020. In September 2021, a total of 50,000 share opons were exercised at the
price of US$7.935 per share. As of December 31, 2021, 670,000 vested share opons were outstanding.
Outstanding Weighted Weighted Weighted
share average average average grant
   
Outstanding at January 1, 2020 - unvested 370 000 4.0 9.87 9.5
Outstanding at January 1, 2020 - exercisable 370 000 4.0 9.87 9.5
Granted - - - -
Exercised - - - -
Exercisable 370 000 3.0 9.59 9.5
Forfeited (20 000) 3.3 9.8 9.5
Outstanding at December 31, 2020 - unvested - - - -
Outstanding at December 31, 2020 - exercisable 720 000 3.0 9.59 9.5
Granted - - - -
Exercised (50 000) 2.3 7.94 9.5
Exercisable - - - -
Forfeited - - - -
Outstanding at December 31, 2021 - unvested - - - -
Outstanding at December 31, 2021 - exercisable 670 000 2.0 6.70 9.5
The exercise price of US$10 per share was reduced with total dividends and cash distribuons of US$2.88, US$0.28 and US$0.135 per
share for 2021, 2020 and 2019, respecvely. The fair value of the share opons granted in January 2019 was calculated using the Black-
Scholes method. The signicant assumpons used to esmate the fair value of the share opons are set out below:
2019
Grant date January 10
Risk-free rate 2.74%
Expected life 2.8 years
Expected future volality 45%
In 2019 the expected future volality was based on peer group volality due to the short lifeme of the Company.
ANNUAL REPORT 2021
31
NOTES
15. COMMITMENTS AND CONTINGENCIES
The Company insures the legal liability risks for its shipping acvies with Assuranceforeningen SKULD and Assuranceforeningen Gard
Gjensidig, both mutual protecon and indemnity associaons. As a member of these mutual associaons, the Company is subject to
calls payable to the associaons based on the Company’s claims record in addion to the claim records of all other members of the
associaons. A conngent liability exists to the extent that the claims records of the members of the associaons in the aggregate show
signicant deterioraon, which result in addional calls on the members.
To the best of our knowledge, there are no legal or arbitraon proceedings exisng or pending which have had or may have signicant
eects on our nancial posion or protability and no such proceedings are pending or known to be contemplated.
16. COMPENSATION
During the year ended December 31, 2021, we paid our execuve ocers aggregate compensaon of US$1.8 million (2020: US$1.6
million). In addion to cash compensaon, we recognized US$0.4 million during the year ended December 31, 2020, relang to share
opons granted to execuve ocers.
As of December 31, 2021, the members of Management and Director that hold shares and share opons of the Company are set out
below:
   
Neil Glass Director - -
Kate Blankenship Director - 75 000
Georgina Sousa Director - 20 000
Magnus Halvorsen* CEO 1 582 118 400 000
Olav Eikrem CTO 7 500 100 000
Vidar Hasund CFO 3 000 75 000
*1,477,026 shares held through his controlled company MH Capital AS, and 105,092 shares held privately.

12 months to 12 Months to
(In millions of US$) December 31, 2021 December 31, 2020
Statutory audit fee 0.1 0.1
Other non-auding services - -
Total fees 0.1 0.1
ANNUAL REPORT 2021
32
NOTES
17. SHAREHOLDERS’ EQUITY
Number of shares
Outstanding as of December 31, 2019 22 170 906
Outstanding as of December 31, 2020 22 170 906
Share issue on exercise of opons September: US$7.935 per share 50 000
Outstanding as of December 31, 2021 22 220 906
At the 2021 Annual General meeng of the Company, it was approved to reduce the Company’s addional paid-in capital by US$75
million and to increase the Company’s Contributed Surplus account by the same amount.

Name Holding of shares In %
Drew Holdings Ltd 2 728 708 12.28
DNB Luxembourg S.A. (nominee) 1 729 427 7.78
J.P. Morgan Securies LLC (nominee) 1 516 766 6.83
MH Capital AS 1 477 026 6.65
Brown Brothers Harriman & Co. (nominee) 1 136 558 5.11
Clearstream Banking S.A. (nominee) 1 054 859 4.75
Wealins S.A. 784 084 3.53
UBS AG London Branch 518 094 2.33
Nordnet Livsforsikring AS 469 084 2.11
Cigroup Global Markets Ltd (nominee) 398 105 1.79
Avanza Bank AB (nominee) 371 804 1.67
BNP Paribas Securies Services (nominee) 365 327 1.64
State Street Bank and Trust Comp (nominee) 358 211 1.61
The Bank of New York Mellon (nominee) 356 315 1.60
Cibank, N.A. (nominee) 341 077 1.53
Barclays Capital Sec. Ltd Firm 325 396 1.46
DZ Privatbank S.A. (nominee) 300 000 1.35
Skandinaviska Enskilda Banken AB (nominee) 291 713 1.31
Danske Bank A/S (nominee) 289 573 1.30
Pershing LLC (nominee) 244 058 1.10
Total 15 056 185 67.76
Other shareholders 7 164 721 32.24
Total 22 220 906 100.00
18. SUBSEQUENT EVENTS

In January 2022, the Company declared a cash distribuon of US$0.36 per share for December 2021.
In February 2022, the Company declared a cash distribuon of US$0.06 per share for January 2022.
In March 2022, the Company declared a cash distribuon of US$0.08 per share for February 2022.
2020 BULKERS LTD.
ANNUAL REPORT 2021
33
RECONCILIATION OF
ALTERNATIVE PERFOR
MANCE MEASURES
12 months to 12 months to
(In millions of US$) December 31, 2021 December 31, 2020
  
Depreciaon and amorzaon (11.7) (9.9)
EBITDA 92.1 31.0
12 months to 12 months to
(In millions of US$, except per day data) December 31, 2021 December 31, 2020
Time charter revenues 110.3 48.9
Voyage charter revenues 3.5 -
  
Address commission (4.2) (1.8)
  
Voyage charter expenses (1.1) -
Time charter equivalent revenues, gross 118.7 50.7
Fleet operaonal days 2 920 2 575
  
The European Securies and Markets Authority (“ESMA”) issued guidelines on Alternave Performance Measures (“APMs”) that came
into force on July 3, 2016. The Company has dened and explained the purpose of the following APMs:
EBITDA, when used by the Company, means operang prot (loss) excluding depreciaon and amorzaon. The Company has included
EBITDA as a supplemental disclosure because the Company believes that the measure provides useful informaon regarding the
Company’s ability to service debt and pay dividends and provides a helpful measure for comparing its operang performance with that
of other companies.
Average me charter equivalent rate, gross, when used by the Company, means me charter revenues and voyage charter revenues
excluding address commission, less voyage charter expenses and adjusted from “load to discharge” basis to “discharge to discharge” basis
and divided by operaonal days. The Company has included Average me charter equivalent rate, gross, as a supplemental disclosure
because the Company believes that the measure provides useful informaon regarding the eet’s daily income performance.
ANNUAL REPORT 2021
34
AUDITORS’
REPORT
ANNUAL REPORT 2021
35
AUDITORS’
REPORT
ANNUAL REPORT 2021
36
AUDITORS’
REPORT
ANNUAL REPORT 2021
37
Independent Auditor's Report - 2020 Bulkers Ltd
(4)
• conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities
or business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide the Board of Directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Stavanger, 11 March 2021
PricewaterhouseCoopers AS
Gunnar Slettebø
State Authorised Public Accountant
AUDITORS’
REPORT
ANNUAL REPORT 2021
38
AUDITORS’
REPORT
2020 BULKERS LTD.
OSLO OFFICE
2020 Bulkers Management AS
Tjuvholmen allé 3,
9th oor,
0252 Oslo,
Norway
+47 22 83 30 00
BERMUDA OFFICE
2020 Bulkers Ltd.
S.E. Pearman Bldg., 2nd oor,
9 Par-la-Ville Road
Hamilton HM 11,
Bermuda
+1 441 542 9329
2020bulkers@2020bulkers.com
OFFICES